Fastweb+Vodafone archive the first semester 2026 with operating results still affected by the weakness of the Italian telecommunications market, but with signs of progressive stabilization and a significant improvement in profitability. total revenues sRevenues from IT services to business customers fell by 1,6% to €394 million, down 3,3% from the same period in 2025. The decline was most pronounced in telecommunications services, which fell by 3,6% to €2,394 billion, while revenues from IT services to business customers fell by 1.6% to €394 million.
However, quarterly trends indicate a slowdown in the decline. After losing €81 million in revenue in the first three months of the year, the decline slowed to €37 million in the second quarter.
The company, led by the CEO Walter Renna, describes the context as a “challenging and profoundly structurally transforming” market, underlining however that the strategy oriented towards increasing customer value is starting to produce concrete results.
Synergies and cost reductions push margins
The decline in revenue did not prevent a significant improvement in margins. EBITDAaL reached €913 million, up 12,9% year-over-year. The ratio to revenue improved by almost four percentage points compared to the first half of 2025.
On an adjusted basis, EBITDAaL rose 11,8% to 926 million. This result was mainly supported by synergies resulting from integration between Fastweb and Vodafone Italy and the resulting reduction in the cost structure. As of June 30, the benefits already realized amounted to 166 million euros. The main contribution came from the migration of Fastweb SIM cards to the Vodafone mobile network, completed in the first quarter. Theinternalization of some services previously provided by Vodafone Group.
The group believes that the progress of the plan allows it to confirm with ample margin the objective of over 300 million euros of synergies. The cash generation shows strong progress. Adjusted Operating Free Cash Flow more than doubled on a comparable basis, reaching €329 million. Adjusted investments, however, decreased by 10,6% to €598 million. On an unadjusted basis, capital expenditures amounted to €651 million, down 7,3%, while operating cash flow stood at €261 million.
Fixed and mobile lines in decline, wholesale growth
On the commercial level, Fastweb+Vodafone counted at the end of June 19,803 million mobile connections, 2% less than a year earlier. Landlines also decreased by 2%, reaching 5,5 million.
In residential segment Revenues fell 3,5% to €1,57 billion. However, some indicators show an improvement in the quality of the customer base. Average monthly revenue per mobile user grew 1% to €8,3, while fixed-line revenue decreased 1,3% to €24. The average monthly revenue per mobile user also decreased. abandonment rateAnnualized churn decreased to 16% in mobile and 16,2% in fixed income, an improvement of 2,2 and 1,6 percentage points, respectively.
The business segment recorded revenues of €1,49 billion, a decrease of 5,2%, primarily due to the elimination of some extraordinary items unrelated to core operations. In the artificial intelligence sector, Fastweb AI Work reached 40 active licenses among businesses, small and medium-sized enterprises, and public administrations. Positive signs came from wholesale, which increased revenues by 4,7% to €402 million. Wholesale fixed connections grew by 22,1% to 1,24 million, while mobile connections decreased by 20,2% to 5,86 million, partly due to PosteMobile's move to the TIM network.
Finally, the development of Fastweb Energia continues, which reached 141 thousand residential customers and 28 thousand business customers.
Swisscom confirms its 2026 targets
At a consolidated level, Swisscom Swisscom closed the first half of the year with revenue of 7,22 billion Swiss francs, a decrease of 3%. At constant exchange rates and on a comparable basis, the decrease was 2%. Group EBITDAaL increased by 3,3% to 2,56 billion Swiss francs, while Operating Free Cash Flow grew by 21,6% to 1,2 billion Swiss francs. Net income reached 668 million Swiss francs, an increase of 6,9%. The company confirmed its full-year forecast. Swisscom is targeting revenue of between 14,7 and 14,9 billion Swiss francs and EBITDAaL of between 5 and 5,1 billion Swiss francs.
for Italian activities Revenues of approximately €7,2 billion and an EBITDA of between €1,8 and €1,9 billion are expected. Fastweb+Vodafone is also expected to generate operating cash flow of between €300 and €400 million.
The priority for the second half of the year remains revenue stabilization, accompanied by growth in sectors outside the traditional connectivity business, with particular attention to ICT services, artificial intelligence, and energy.
